It looks like you are looking at Newport Federal Savings Bank, which operates in Rhode Island and Connecticut. They are offering a 15 year fixed rate loan for a loan to value ratio up to 70 percent on investment properties. The website does not say if this rate is just for purchases or refi's. I assume loans are limited to the states where they operate branches. However, they want 2 points plus closing costs to do this loan.
The interest rate is good, but you are paying 2 points to get this rate for 15 years. I am not familiar with the loan market in your area, but I can get the same rate with only one point through a credit union in Arizona. I would shop around and I would also try to negotiate the points down if possible.
